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McKinsey & Company's #1 best-selling guide to corporate valuation, now in its sixth edition
Valuation is the single best guide of its kind, helping financial professionals worldwide excel at measuring, managing, and maximizing shareholder and company value. This new sixth edition provides insights on the strategic advantages of value-based management, complete detailed instruction, and nuances managers should know about valuation and valuation techniques as applied to different industries, emerging markets, and other special situations.
Valuation lies at the crossroads of corporate strategy and finance. In today's economy, it has become an essential role — and one that requires excellence at all points. This guide shows you everything you need to know, and gives you the understanding you need to be effective.
- Estimate the value of business strategies to drive better decision making
- Understand which business units a corporate parent is best positioned to own
- Assess major transactions, including acquisitions, divestitures, and restructurings
- Design a capital structure that supports strategy and minimizes risk
As the valuation function becomes ever more central to long- and short-term strategy, analysts and managers need an authoritative reference to turn to for answers to challenging situations. Valuation stands ahead of the field for its reputation, quality, and prestige, putting the solutions you need right at your fingertips.
- Sales Rank: #71356 in eBooks
- Published on: 2015-07-31
- Released on: 2015-07-31
- Format: Kindle eBook
From the Inside Flap
Not all CEOs, business managers, and financial managers possess a deep understanding of value, although it is essential knowledge to creating value for companies and shareholders.
McKinsey's Valuation: Measuring and Managing the Value of Companies, Sixth Edition provides the knowledge executives need to make value-creating decisions—replacing some of the myths that pervade the corporate world with proven principles of value creation.
Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Sixth Edition provides up-to-date insights and practical advice on how to create, manage, and measure the value of an organization.
The Sixth Edition provides:
- An overview of the two core principles of valuation: the idea that return on invested capital and growth drive cash flow, and a conversation principle that anything that doesn't increase cash flow doesn't create value (unless it reduces risk).
- Guidance for using discounted cash flow (DCF) to value a company, with an emphasis on how to analyze historical performance, forecast free cash flows, estimate the appropriate opportunity cost of capital, identify sources of value, and interpret results.
- An explanation of how to analyze and incorporate in your valuation such complex issues as taxes, pensions, reserves, inflation, and foreign currency, complete with a case-study example.
- A framework for value creation built upon designing a portfolio of businesses, executing strategic M&A decisions and divestitures, and aligning appropriate capital structure and proper communication of business strategy with the financial markets.
- An exploration of special situations in which valuation is complex, such as the multi-dimensional challenges of valuing higher growth companies, emerging markets, cyclical companies, and banks; or in the use of option-pricing theory and decision trees in valuations.
Acclaimed for 25 years by corporate finance experts as the best guide in its class, Valuation, Sixth Edition explains, step-by-step, how to do valuation well. Business managers will learn how to decide among alternative business strategies by estimating the value of each strategic choice; how to assess major transactions such as acquisitions, divestitures, and restructurings; how to design an effective capital structure to support the corporation's strategy and minimize the risk of financial distress; and how to create value and improve corporate performance.
From the Back Cover
Praise for Previous Editions
The #1 guide to corporate valuation is back . . . and better than ever!
"The best valuation book just got better. This edition's greater emphasis on what drives value and how to measure it will improve the way practitioners conduct financial analysis and, ultimately, make strategic decisions. It is required reading for all executives."
—Professor Benjamin C. Esty, Harvard Business School, author of Modern Project Finance: A Casebook
"The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition."
—Dr. Raymund Breu, retired Chief Financial Officer, Novartis AG
"A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."
—New York Times
"The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation."
—Financial Times
Also available from McKinsey's suite of Valuation, Sixth Edition products:
Valuation DCF Model Download: is available as a download (978-1-118-87374-8) on www.wiley.com. It is also available via flatpack (978-1-118-87366-3) at online bookstores. This interactive version of McKinsey's DCF Valuation model allows readers to conduct, with the guidance of McKinsey's valuation techniques, their own valuation analysis of companies.
Valuation Workbook, Sixth Edition: Part of McKinsey's esteemed Valuation approach, this companion workbook (978-1-118-87387-8) is a must-have guide to reviewing and applying the valuation concepts and techniques discussed in Valuation, Sixth Edition.
Value: The Four Cornerstones of Corporate Finance (978-0-470-42460-5) offers an executive overview of the core concepts of corporate finance and their ties to value. Intended for managers and students, this accessible guide offers a solid foundation to valuation.
About the Author
McKINSEY & COMPANY is a management consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. Over the past seven decades, the firm's primary objective has remained constant: to serve as an organization's most trusted external advisor on critical issues facing senior management.
TIM KOLLER is a partner in McKinsey's New York office. Tim has served clients in North America and Europe on corporate strategy and issues concerning capital markets, M&A transactions, and value-based management. He leads the firm's research activities in valuation and capital markets issues. He received his MBA from the University of Chicago.
MARC GOEDHART is a senior expert in McKinsey's Amsterdam office. Marc has served clients across Europe on portfolio restructuring, issues concerning capital markets, and M&A transactions. He received a PhD in finance from Erasmus University Rotterdam.
DAVID WESSELS is an adjunct professor of finance and director of executive education at the Wharton School of the University of Pennsylvania. Named by BusinessWeek as one of America's top business school instructors, he teaches corporate valuation at the MBA and Executive MBA levels. David received his PhD from the University of California at Los Angeles.
Most helpful customer reviews
15 of 16 people found the following review helpful.
I have recommended this book to my MBA students since I joined ...
By Wei Jiang
I have recommended this book to my MBA students since I joined Columbia Business School in 2001. Although there are a lot of books on valuation, I consider this book the gold standard; it provides the reader with both the technical skills necessary to understand common valuation techniques and the practical know-how to apply those techniques to different types of companies. The core message of the book is that, in order to discern the value drivers at a company and use those drivers to create value, one first needs to understand valuation procedures and the logic underlying each step. While each company (or industry) has its own peculiarities, the book provides tailored guidance on various “special situations” while firmly emphasizing the basic principles for measuring and creating value.
The book is written in a practical, intuitive manner that is easy to follow. Compared to previous editions, the most recent version of the book includes timely and in-depth coverage on current developments, such as the importance of effective communication with investors and guidelines for how to accomplish this feat, the debate on the relation between shareholder and stakeholder interests, and the intricacies of valuing early-stage high-growth companies. I would highly recommend this book to anyone who is interested in learning valuation for the first time or who wants to brush up on the latest techniques. I also strongly recommend the book to business leaders (executives and board members) for its high-level analyses on the foundations of value-creation principles.
Wei Jiang
Arthur F. Burns Professor of Free and Competitive Enterprise
Columbia Business School
11 of 11 people found the following review helpful.
Excellent new edition of one of the best valuation texts around
By C. Ang
The 6th edition is still an excellent valuation textbook. I've read every edition since the third, and I think Koller et al. doed a good job describing and explaining the valuation process from a fundamentally sound perspective. Many valuation textbooks out there are filled with practitioner rules of thumbs or techniques that are imprecise (maybe even flawed) from an economic standpoint. As such, I think this should be one of the first books anyone interested in valuation should read. That way, you stand a chance of not forming bad habits. In addition, although the main valuation techniques are very similar to what was presented in earlier editions of the book, the 6th edition has updated discussions and data through 2013/2014. I find these discussions insightful and help others realize that valuation is not a mechanical exercise and that the economics behind the calculations is the key driver of the process.
7 of 7 people found the following review helpful.
Love the content,
By JG
The book is well written but is geared for executives with mid level accounting and finance. I am very much a fan of the book itself, but not the Kindle format. I would highly recommend people buy the print copy and not the kindle version due to the quality of the figures.
I read the book on the kindle paperwhite and my laptop and I had trouble seeing the more detailed figures. I am not sure if this complaint is for the publisher or Amazon Kindle, but it is important to be able to enlarge the smaller, more detailed figures (data tables, etc.) to follow the text.
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